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Terrace Park, Pierce County, Washington Property Taxes

  • Median Terrace Park, WA effective property tax rate: 0.84%, significantly lower than the national median of 1.02%, but lower than the Washington state median of 0.88%.

  • Median Terrace Park, WA home value: $361,800

  • Median annual Terrace Park, WA tax bill: $3,028, $628 higher than the national median property tax bill of $2,400.

How are property taxes in Pierce calculated?

Property taxes in Terrace Park, WA are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding Terrace Park’s property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in Terrace Park, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

Terrace Park, Pierce County, Washington Property Tax Bill Calculator

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

0.84%

Estimate Property Tax Bill

$3,039

$2,820

SAVE WITH OWNWELL

$1,102

Average Tax Savings

Ownwell’s Terrace Park Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in Terrace Park with just two data points. By entering your property's estimated assessed value, our calculator applies Terrace Park’s median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a more precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Pierce County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across Terrace Park, Pierce County, Washington

Local government entities determine tax rates, leading to significant variation within a state. Each year, counties calculate the necessary budget to provide essential services and divide this by the total value of all taxable property within their jurisdiction. This calculation determines the property tax rate. While votes and regulations play a role in setting tax rates and budgets, this is the core process. Terrace Park in Pierce County, WA, has an effective property tax rate of 0.84%, which is lower than the national median of 1.02%. When comparing Terrace Park to other cities in Washington, it's important to note that the state's median property tax rate is also 0.84%, aligning closely with Terrace Park's rate. This means that Terrace Park residents enjoy a lower tax burden compared to the national average, potentially offering more affordable property ownership. Understanding these comparisons can help property owners in Terrace Park make informed decisions about their investments and financial planning.

Property Tax Rates Across Terrace Park, Pierce County, Washington

Source: Ownwell

0.67%

1.05%

1.43%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Terrace Park Tax Rate

0.84%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective Pierce County Tax Rate

1.02%

Median Effective Washington Tax Rate

0.88%

Median Effective United States Tax Rate

1.02%

Property Tax Rates Across Terrace Park, Pierce County, Washington

Zip10th Percentile25th PercentileMedian Tax Rate75th Percentile90th Percentile
45174N/AN/AN/AN/AN/A

Source: Ownwell

Property Tax Assessment Values Across Terrace Park, Pierce County, Washington

When examining property taxes in Terrace Park, WA, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Pierce County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

Assessment notices: In Pierce County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of April. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in Terrace Park. For example, the median home price in Terrace Park is $361,800, with tax bills ranging significantly across the county.

Property Tax Assessment Values Across Terrace Park, Pierce County, Washington

Source: Ownwell

$25,000

$463,925

$902,850

Median Terrace Park Market Value

$361,800

Median Pierce County Market Value

$465,900

Median Washington Market Value

$482,000

Median United States Market Value

$235,294

Property Tax Assessment Values Across Terrace Park, Pierce County, Washington

Zip10th Percentile25th PercentileMedian Home Price75th Percentile90th Percentile
45174N/AN/AN/AN/AN/A

Source: Ownwell

Property Tax Bills Across Terrace Park, Pierce County, Washington

In Terrace Park, property tax bills are calculated based on the assessed value of a home, which is determined by the Pierce County Assessor's Office. The assessed value typically reflects a percentage of the property's market value. Homeowners in Terrace Park face a median property tax bill of $3,028, which is significantly higher than the national median of $2,400. This discrepancy can be attributed to local tax rates and home values. Factors such as recent sales in the neighborhood, the condition of the property, and any improvements made can influence the assessed value.

High property taxes can be a burden for homeowners, impacting their financial stability. This is where Ownwell steps in to assist. By leveraging expertise in property tax appeals and exemptions, Ownwell helps homeowners potentially reduce their tax bills. Through a comprehensive analysis of property assessments and local tax regulations, Ownwell identifies opportunities for savings, enabling homeowners in Terrace Park to better manage their expenses and achieve financial peace of mind.

Property Tax Bills Across Terrace Park, Pierce County, Washington

Source: Ownwell

$144

$3,927

$7,710

Median Terrace Park Tax Bill

$3,028

Median Pierce County Tax Bill

$4,693

Median Washington Tax Bill

$4,284

Median United States Tax Bill

$2,400

Property Tax Bills Across Terrace Park, Pierce County, Washington

Zip10th Percentile25th PercentileMedian Tax Bill75th Percentile90th Percentile
45174N/AN/AN/AN/AN/A

Source: Ownwell

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